Bangkok Office MarketView Q4 2009

Bangkok Office MarketView Q4 2009

The Total office supply in Bangkok was 7,983,435 m2 at the end of 2009.

Overall take-up in the Bangkok office market was 6,787,992 m2, up 0.2% Q-o-Q and 0.7% Y-o-Y.

The vacancy rate was 14.9% up from 13.9% at the end of quarter 3 and 13.5% at the end of 2008.

Bangkok office market rents have moved downwards. As of Q4 2009, the overall rents dropped for the fourth consecutive quarter, since the beginning of the year. Grade A offices in the CBD area faced a 1.3% Q-o-Q and 7.8% Y-o-Y drop in rents, down to THB 685/ m2 in this quarter.

During Q4 2009, grade A Non-CBD offices recorded the highest level of net new take up with 20,199 m2, mainly due to the movement of the Energy Complex’s tenants. Total net take-up
stood at 14,927 m2, which was up 61.3% Q-o-Q, but still down 34.6% Y-o-Y.